EW Scripps Net Loss Widens, Online Revs Drop 20 Percent
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EW Scripps (NYSE: SSP), the newspaper and TV media company (not to be confused with its cable net sibling, Scripps Interactive), saw its net loss worsen in Q3 as revenues fell 19 percent. Much of the trouble centered on the loss of political advertising this year versus last year.
SEE ALSO: E W Scripps Reorgs Newspaper Division
While Rich Boehne, EW Scripps president and CEO, said in a statement that the string of newspaper declines had “moderated” during the quarter, the segment’s total revenues fell 20 percent to $104 million, while ads were down 27 percent to $73.3 million.
Earnings release | Webcast (9:00 AM ET)
| 3Q 2009 | 3Q 2008 | Estimate | |
|---|---|---|---|
| EPS | -$0.07 | -$0.06 | $0.01 |
| Net Income | -$3.5M | -$3.1M | |
| Revenue | $186M | $230M | NA |
As for for online, although revenues in that area also slid 20 percent to $7.3 million in Q3, the company is moving ahead on ending upsells, which many industry observers say tends to dilute print and online ad sales. Revenue from online-only ad sales rose 38 percent to $3.9 million, suggesting that the company is moving forward on plans outlined by Rusty Coats, whose role during the quarter shifted from being VP of interactive at the newspaper division to VP of content and marketing.
Posted In: Media & Publishing, Newspapers, Money, Earnings, Companies, Scripps, E W Scripps
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